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BankStatements.com.au [SMART 100, 2017]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

…a mortgage broker told us that the biggest bottleneck in their process was getting bank statements from their clients.

They had seen our bank account aggregation software for lenders and they asked if we could adapt our technology to get the bank statements for their clients. This involved retrieving several additional types of documents from the customers’ online banking – 6 months of PDF bank statements and the PDF print out of recent transactions.

The process now takes the customer about 30 seconds instead of hours or days and the broker can process the deal much faster!

2. WHAT & HOW

The purpose of this innovation is to…

…make the mortgage application process much simpler and faster for consumers.

It does this by…

…accessing their online banking on their behalf and retrieving the relevant documents. This gets the right documentation the first time! No missing pages or months. No scanning or faxing paper. The process is completed on any internet enabled device in less than 30 seconds.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

…it replaces the manual process of finding, printing, scanning and emailing bank statements. It removes the issues with the wrong period of statements being sent or missing pages. It removes the back and forth interaction between customer and broker when the information is incomplete. Rather than waiting days and weeks for statements, a broker can submit the deal much faster!

Its various benefits to the customer/end-user include…

…less time finding and submitting paperwork for a loan application. Less stress that the information they are submitting is what is required. Their loan can be assessed and progressed sooner!

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

…finding or printing and scanning paper bank statements. And because it was normally a cumbersome process your mortgage broker called repeatedly asking you to send through the information. There was no other solution in the mortgage broker market driven by technology.

Its predecessors/competitors include…

…manual processes. There is another service in the market called Mogo that is sold by Veda but has very little take up because the data we provide is much more comprehensive and the customer experience is much better.

5. TARGET MARKET

It is made for…

…mortgage brokers and asset finance brokers and their customers. It is a free service for consumers and is paid for by the broker.

It is available for sale through…

…SaaS software with a monthly subscription and per usage fee. We sell directly to the broker and set them up an account to use the service with their clients. We currently have over 400 broker groups using our service.

Our marketing strategy is to…

…work through the mortgage aggregators to speak at Professional Development days or get integration with their CRMs. We form relationships with the broker managers and they refer our product to their brokers. We also integrate with loan management software such as Ezidox. Word of mouth referrals amongst brokers are a strong source of new business.

 

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

Maven Judge Vote: BankStatements.com.au – Smart 100 2017
(Please note – The form below is for judging purposes only and is restricted to the public)

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